LOSS MITIGATION

Of course there are times, such as when a house is vacant and abandoned, when foreclosure is the only legal avenue to protect our clients' financial investment. However, occupied properties present our clients with not only an opportunity to save thousands of dollars in foreclosure costs, they provide the perfect opportunity to restore non-performing loans to performing loans again!

This of course, is the philosophy behind the 2009 introduction of Home Affordability and Stability Plan - keeping borrowers in their homes and keeping them paying their mortgage payments.

At Felty and Lembright Co., L.P.A., our staff is well versed in the intricacies of both the Home Affordable Modification Program ("HAMP") and Home Affordable Foreclosure Alternatives ("HAFA") programs, as well as traditional loss mitigation programs. Working within the spirit of HAMP and HAFA, Felty and Lembright Co., L.P.A. is able to assist servicers in the process of obtaining the necessary documentation from borrowers who wish to apply for a HAMP, HAFA or traditional loss mitigation programs during the pendency of the foreclosure action.

In addition to HAMP and HAFA, some additional loss mitigation alternatives we offer include:

  • Short sales
  • Deeds-in-lieu
  • Reinstatement
  • Forbearance Programs
  • Repayment Plans
  • Pay-offs
  • Traditional loan modifications
  • Redemption calculating
  • Delinquent loan assumption
  • FHA Partial Claim

In an effort to open the loss mitigation line of communication, our office routinely send loss mitigation solicitation letters to the borrowers of our firm's active foreclosures. The intent is to determine if there is an opportunity to convert the foreclosure to a performing asset for our client. If so, our staff will effectuate communications between our client and the borrower and assist with the preparation of the necessary documentation to bring the loss mitigation to a successful completion.